MiFIR – Art. 9 (5) (f)
MiFID (EU) 2025/1246
The MiFID II / MiFIR Review 2024 represents one of the most substantive updates to the EU transparency regime since 2018. A key element of this reform is the revision of MiFIR Article 9(5)(f), which aims to harmonise transparency obligations for SIs and trading venues while preserving market integrity under stressed or illiquid conditions.
The updated Article 9 establishes more granular requirements for the publication of firm quotes by SIs. The newly introduced Delegated Regulation (EU) 2025/1246 provides detailed regulatory parameters, offering operational clarity on liquidity assessments, exemption criteria, and disclosure mechanics where transparency obligations may be temporarily waived.
Regulation (EU) 2025/1246 amends the regulatory technical standards laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 for pre-trade and post-trade transparency under MiFID II / MiFIR. Adopted as a Delegated Regulation on 18 June 2025 and published in the Official Journal of the European Union on 3 November 2025, the Regulation (EU) 2025/1246 enters into force 20 days after publication, while selected key provisions will apply from 2 March 2026.
The amendments clarify supervisory expectations around liquidity thresholds, classification of instruments as illiquid, and conditions under which SIs may refrain from publishing firm quotes. These refinements strike a balance between operational feasibility and regulatory oversight, ensuring robust transparency even in exceptional market conditions.
BDO helps you to navigate through the new MiFID II and MiFIR requirements with clear guidance and practical solutions. We support you in interpreting exemptions, ensuring compliance, and implementing efficient processes tailored to your business.
| Article | Status | Description of the Adjustments | ||||
 RTS 1 |  RTS 2 |  New |  Modified | |||
| Pre-Trade | Art. 2 | | VWAP/TWAP trades are considered non-price-forming only if priced over a sufficiently long period with no link to the current market price, and the alignment with RTS 22 has been strengthened. | |||
| Art. 3 & 7 | | Pre-trade disclosures are standardised via Table 1b of Annex I, and liquidity treatment for newly admitted instruments is clarified through defined exemptions and mandatory ADT estimation. | ||||
| Art. 4 | | Where the Most Relevant Market in terms of liquidity has not yet been determined, the market of first admission to trading, whether a regulated market or an MTF, applies by default from the first trading day. | ||||
| Art. 6 | | Benchmark-based and technical transactions qualify only where pricing is independent of current market valuation. | ||||
| Art. 8 | | Reserved orders (iceberg orders) should consist of a disclosed part and a reserve (non-disclosed) part. The reserve part shall become executable only after the disclosed part has been fully executed. | ||||
| Art. 10-11b | | The SI quoting regime is now explicitly linked to the Standard Market Size, with mandatory minimum and maximum quoting thresholds to improve quote quality. | ||||
| Post-Trade | Art. 12 | | Post-trade transparency shifts from flexible technical practices to fully standardised and traceable reporting strictly based on Annex I, with enhanced clarity for trade cancellations. | |||
| Art. 13 | | Give-up and give-in transactions are explicitly recognised as non-price-forming where they relate to post-trade processing or hedging of a client-committed position, removing long-standing uncertainty around their classification. | ||||
| Art. 15 | | For off-venue transactions between investment firms, the competent authority of the firm responsible for APA publication under Article 21a of MiFIR shall determine the applicable deferral regime. | ||||
| Pre-Trade | Art. 1 & 1a | | Due to the MiFIR Review 2024, previous RTS definitions were incorporated to MiFIR, and new trading system concepts, the central limit order book and the periodic auction system, were introduced. Article 1a further clarifies the scope of instruments covered by the updated rules. | |||
| Art. 3a | | An order is considered as “large in scale” (LIS) compared to normal market size for certain non-equity instruments at the time of entry or after any amendment if it meets or exceeds specific thresholds (table 2.3, 2.5, 3.2 & 12.2 of Annex III). | ||||
| Art. 6a | | A bond, structured finance product or emission allowance is considered not to have a liquid market where the relevant static liquidity criteria set out in Tables 2.2, 2.4, 3.1 and 12.1 of Annex III are met. | ||||
| Post-Trade | Art. 7 | | The revision clarifies and tightens post-trade transparency requirements, introducing a clear five-minute maximum publication deadline and explicit rules for the publication of package transactions and their components. | |||
| Art. 8a | | Trading venues and investment firms are allowed to defer the publication of post-trade information for bonds, structured finance products and emission allowances when transactions are LIS or meet other specified conditions. (table 2.6 of Annex III). | ||||
| Art. 11 & 11a | | While Article 11 continues to allow deferred publication under certain conditions, the newly introduced Article 11a adds specific rules for sovereign debt instruments, granting national authorities discretion to permit delayed publication. | ||||
Dr. Patrick Hueser
Xi Jiang
Botond Felek
André Schumacher